New To Canada - Mortgage Services Vancouver, BC

Non-permanent residents who are employed
Mortgages for Newcomers to Canada

Mortgage Specialist Heidi Hamano offers one stop service for a wide rage of mortgages.

Multinationalism makes Canada a great country to live in, but newcomers often face challenges with languages barriers, adjusting to a different culture, different social systems, and most importantly, housing. Many newcomers may decide not to purchase their homes right away, but rather get comfortable in a different environment first. Regardless of your decision, mortgage professionals can share knowledge on how to build a credit score and the different mortgage options which are available to newcomers.

If you have been in Canada for three years with permanent employment and an established credit, you will likely qualify for a regular mortgage like many other Canadians. Even if you do not meet qualification set for a regular mortgage, there are “New to Canada” mortgage programs, which have a more flexible application process making owning a home possible.

Permanent residents who are employed

Even without a Canadian credit history, if you are employed for at least three months, you may be able to qualify for a mortgage with a minimum 5% down payment if you can demonstrate strong international credit.

If you are unable to provide an international credit report, some lenders will accept an alternative proof of credit such as 12 consecutive months’ worth of paid bills.

Non-permanent residents who are employed

If you are working in Canada with a valid work visa meeting the same credit requirements as above, you may qualify to secure a mortgage with 10% down payment (insured mortgage). Under these programs, the property must be owner occupied and the remaining duration of the work visa must be at least one year or greater.

New immigrants without any employment or non-residents living outside of Canada

Without any employment nor Canadian immigrant status, it is still possible to secure a mortgage for real estate purchase. Under this program, you need to put down 35% down payment into a Canadian bank account. In addition, you’ll need to demonstrate that you have enough liquid assets to cover 6 months of mortgage payments, or 25% of the home’s purchase price. As lenders bare more risks in case you are not be able to pay mortgage payments, the down payment is set higher and verification of the liquid asset is required.

Why Should New Immigrants to Canada Work with a Mortgage Broker?

Although moving to a country is new and exciting, navigating your way around real estate financing can bring along a lot of unnecessary stress that can be overwhelming to deal with on your own. Working with Mortgage professionals can alleviate the weight off your shoulders and assist you with a smooth transition.